X0203 3 2010-11-08 0 0000911650 NAVARRE CORP /MN/ NAVR 0001346543 Becker Drapkin Management, L.P. 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001451722 BECKER DRAPKIN PARTNERS (QP), L.P. 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001451721 BECKER DRAPKIN PARTNERS, L.P. 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001498645 BD Partners II, L.P. 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001349003 BC Advisors LLC 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001349005 Becker Steven R 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group 0001458693 Drapkin Matthew A 300 CRESCENT COURT SUITE 1111 DALLAS TX 75201 0 0 0 1 Member of a 13(d) 10% Group Common Stock 862389 I See Footnotes (5) and (6) Common Stock 106579 I See Footnotes (5) and (6) Common Stock 610383 I See Footnotes (5) and (6) Common Stock 2042350 I See Footnotes (5) and (6) Warrant 5.00 2006-09-21 2011-09-21 Common Stock 126707 I See Footnotes (5) and (6) Warrant 5.00 2006-09-21 2011-09-21 Common Stock 16150 I See Footnotes (5) and (6). Represents shares of common stock, par value $0.01 per share, of Navarre Corporation (the "Common Stock") directly beneficially owned by Becker Drapkin Partners (QP), L.P. ("Becker Drapkin QP"). Represents shares of Common Stock directly beneficially owned by Becker Drapkin Partners, L.P. ("Becker Drapkin, L.P."). Represents shares of Common Stock directly beneficially owned by BD Partners II, L.P. ("BD Partners II"). Represents shares of Common Stock beneficially owned by Becker Drapkin Management, L.P. ("BD Management"), as investment manager for a managed account, and in which BD Management has a pecuniary interest as a result of performance related fees. BD Management, as the general partner of, and investment manager for, Becker Drapkin QP, Becker Drapkin, L.P. and BD Partners II may be deemed to beneficially own the securities described in footnotes (1), (2), (3), (7) and (8). BC Advisors, LLC ("BCA"), as the general partner of BD Management; and Steven R. Becker ("Mr. Becker") and Matthew A. Drapkin ("Mr. Drapkin"), as the sole members and co-managing members of BCA and limited partners of BD Management, may in each case be deemed to be beneficial owners of the securities described in footnotes (1), (2), (3), (4), (7) and (8). In addition, each reporting owner may be deemed to beneficially own more than 10% of the Common Stock under Rule 16a-1(a)(1) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") as a result of being deemed a member of a group under Sections 13(d)(3) and 13(d)(5) of the Exchange Act. (Continued in Footnote 6.) BD Management disclaims any beneficial ownership of the Common Stock and warrants described in footnotes (1), (2), (3), (7) and (8), except to the extent of any pecuniary interest therein. Becker Drapkin QP disclaims beneficial ownership of the Common Stock and warrants described in footnotes (2), (3), (4) and (8). Becker Drapkin, L.P. disclaims beneficial ownership of the Common Stock and warrants described in footnotes (1), (3), (4) and (7). BD Partners II disclaims beneficial ownership of the Common Stock and warrants described in footnotes (1), (2), (4), (7) and (8). BCA disclaims beneficial ownership of all of the Common Stock and warrants listed herein, except to the extent of any pecuniary interest therein. Mr. Becker and Mr. Drapkin disclaim beneficial ownership of all of the Common Stock and warrants described herein, except to the extent of any pecuniary interest therein. Represents warrants to buy Common Stock directly beneficially owned by Becker Drapkin QP. Represents warrants to buy Common Stock directly beneficially owned by Becker Drapkin, L.P. See Exhibit 99.1 2010-11-18